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Chairman Datuk Idris Haron said the company would build 5,000 units by June using the enviromentally-friendly Industrialised Building System (IBS).

"This project will benefit almost 50,000 households as well as the country's housing and construction sector," he told reporters after the signing of an agreement between SPNB and Bank Simpanan Nasional (BSN) here today.

He said the government had allocated RM200 million as subsidy to build the 10,000 houses costing RM650 million.

Under the agreement, he said, BSN would provide funding for RM250 million while the balance of RM200 million would be covered by other financial institutions.

The cost of building a "mesra rakyat" home is RM65,000. With RM20,000 subsidy by the government and financial institutions covering the balance RM65,000, an applicant only needs to pay RM150 monthly.

The "mesra rakyat" home programme is open to all Malaysians with a monthly household income below RM1,500.

Idris said since the programme was introduced in 2002, SPNB had received 44,359 applications nationwide, approval had been given to build 19,927 homes while 17,049 units had been delivered.